Jignesh Shah had to give up his MCX cash cow and his personal assets have been attached.
Economic Offences wing of Mumbai Police, which is probing the case, told the court that the investigating agency intended to file chargesheet against Shah and others on or before August 4.
Financial Technologies India Ltd (FTIL) promoter Jignesh Shah, whose 'fit-and-proper' status to run an exchange has been under regulatory scrutiny following the Rs 5,600-crore payment fraud at NSEL, on Tuesday decided to continue as a director of group firm Multi Commodity Exchange (MCX).
Given the nature of the money stuck, investors are fast losing patience with the exchange.
FMC approves commodity bourse's contract-launch calendar for two years.
Jignesh Shah, who is fighting legal cases in the NSEL's Rs 5,600-crore scam, has resigned as the Managing Director of Financial Technologies India, a company set up by him, and will become its Chairman-Emeritus.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
Only time will tell, if the 'Shah' of exchanges will walk out of this battlefield unscathed.
Shah's emotional statement indicates he has bid farewell to MCX; but is he stooping to hit back?
In an interview with Business Standard last week, Shah disclosed plans to exit all his ventures related to stock exchanges.
Shah, the forty-year-old managing director and CEO of Multi Commodity Exchange speaks about how he created this empire in a decade.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
The showcause notice by the Forwards Market Commission to promoters of National Spot Exchange Limited on Friday, including Jignesh Shah, is the culmination of a series of steps by the authorities to tighten the noose around Shah.
Shah and Javalgekar were arrested on May 7.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
The court, later in the day, allowed his application.
Lack of consensus on 'how not to let Jignesh Shah get away' could become a huge embarrassment for the government.
An interview with Jignesh Shah.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
Shah is likely to be released later on Friday evening or Saturday after completing the formalities.
The Economic Offences Wing (EOW) of the Mumbai city police is expected to file a First Information Report (FIR) against Jignesh Shah, promoter of Financial Technologies and vice-chairman of National Spot Exchange (NSEL), and former senior management officials in connection with the current payment crisis.
Gives 90 days time to dispose stake in four entities.
Two days after Mumbai Police attached his properties, Jignesh Shah, director of the beleaguered National Spot Exchange Ltd, on Thursday told investigators that he was making "relentless" efforts to recover money from defaulters.
Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalisation, globalisation and scaling up" of their ventures.
The NSEL scam, involving Rs 5,600 crore, came to light after the now defunct exchange, promoted by Financial Technologies, failed to pay its investors.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
ED lawyer Hiten Venegaonkar contended that huge amount of money was laundered and Shah's acts constituted a very serious economic offence
Though the agency did not include former Sebi chief CB Bhave and ex-member KM Abraham in the case, it recommended departmental action against the two.
The Securities and Exchange Board of India, on Wednesday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not 'fit and proper' to own stakes in any exchange.
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
Jignesh Shah, the outsider intent on crashing the party, is in danger of losing his empire.
In his order, SEBI member dealt with the "fit and proper" criteria of the exchange promoted by Financial Technologies (FT) and Multi Commodity Exchange (MCX) and their founder Jignesh Shah.
The WEF on Tuesday released the names of the 250 young leaders who have been selected Young Global Leaders 2007.
The order says he was the 'highest beneficiary' of NSEL fraud and has proven unfit to handle affairs of any exchange.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
Metropolitan Stock Exchange of India (MSE) plans to raise Rs 120 crore from investors in an attempt to stay afloat. The beleaguered exchange's board has approved issuance of 1.19 billion equity shares of face value Rs 1 at a premium of Rs 1 through private placements, according to a disclosure on its website.
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